Connect with us
[crypto-donation-box]

Blockchain

Bitcoin At Potential Risk of Breakdown Below $10,000: Here’s Why

Bitcoin price traded to a new monthly low at $9,853 before correcting higher against the US Dollar. BTC is still following a bearish pattern and it is likely to accelerate lower below $10,000. Bitcoin is trading in a bearish zone below the $10,800 and $10,500 support levels. The price is facing a strong resistance near […]

Republished by Plato

Published

on

Bitcoin price traded to a new monthly low at $9,853 before correcting higher against the US Dollar. BTC is still following a bearish pattern and it is likely to accelerate lower below $10,000.

  • Bitcoin is trading in a bearish zone below the $10,800 and $10,500 support levels.
  • The price is facing a strong resistance near $10,500 and the 100 hourly simple moving average.
  • There is a major declining channel forming resistance near $10,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to resume its decline as long as it is below $10,300 and $10,500.

Bitcoin Price Remains At Risk

In the past few days, there was a strong decline in bitcoin price below the $10,800 support against the US Dollar. BTC even settled below the $10,500 support and the 100 hourly simple moving average.

A new monthly low is formed near $9,853 and the price is currently consolidating losses. There was a short-term upside correction above the $10,000 and $10,050 levels. Bitcoin recovered above the 50% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low.

However, the price is facing hurdles near the $10,400 level. There is also a major declining channel forming resistance near $10,300 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin price trades below $10,300. Source: TradingView.com

The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low. A clear break above the channel resistance could send the price above the $10,350 level.

Conversely, the price might continue to move down below $10,100 and $10,050. The main support is near the $10,000 level. A daily close below the $10,000 support may perhaps start a strong decline towards $9,800 and $9,600 in the near term.

Chances of a Recovery in BTC?

The first major hurdle for bitcoin is near the channel resistance and $10,300. The next key resistance is near the 100 hourly SMA and the $10,500 level.

A successful close above the $10,500 is needed for a fresh increase in the coming sessions. In the stated case, the price might recover towards the $11,000 resistance zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to stay above the 50 level.

Major Support Levels – $10,050, followed by $10,000.

Major Resistance Levels – $10,300, $10,400 and $10,500.

Source: https://www.newsbtc.com/2020/09/07/bitcoin-risk-of-breakdown-below-10000/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-risk-of-breakdown-below-10000

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

Republished by Plato

Published

on

Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


ADVERTISEMENT

The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

Continue Reading

Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

Republished by Plato

Published

on

The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


ADVERTISEMENT

Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

Continue Reading

Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

Republished by Plato

Published

on

The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

Continue Reading
Blockchain2 days ago

Mastercard adds 6 blockchain payments startups to accelerator program

Blockchain5 days ago

dVPN network Sentinel initiates bandwidth sharing on the Cosmos IBC testnet

Blockchain5 days ago

Should Ethereum, Binance Coin, and FTT be part of traders’ portfolios?

Blockchain9 hours ago

Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program

Blockchain1 day ago

Starcoll To Issue Limited Edition Star Wars Collectibles as NFTs

Blockchain5 days ago

2 key Ethereum price metrics prove pro traders are behind ETH’s new highs

Blockchain1 day ago

Pro traders buy the Bitcoin price dip while retail investors chase altcoins

Blockchain2 days ago

S&P DJI Releases Bitcoin and Ethereum Indexes

Blockchain23 hours ago

China’s Central Bank to Partner With Alibaba’s Ant Group on Digital Yuan

Blockchain2 days ago

eBay could add a crypto payment option, says CEO

Blockchain3 days ago

Iranian companies can now pay for imports with officially mined cryptocurrencies.

Blockchain1 day ago

The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao

Blockchain1 day ago

Bitcoin Miners Moving Away from China, F2Pool Observes

Blockchain2 days ago

CBDCs Could Harm Bitcoin But BTC May Replace Gold as a Store of Value: Deutsche Bank

Blockchain23 hours ago

Here Is Why XRP Volume Has Recover Across Payment Corridors

Blockchain1 day ago

‘This ain’t no game’ as DOGE briefly flippens Nintendo and takes #4 spot from XRP

Blockchain1 day ago

Another XRP lawsuit update: SEC accuses XRP Holders of ‘reciting’ Ripple’s litigation position

Blockchain1 day ago

Bybit Launches Ether (ETH) Cloud Mining Service as Demand Booms

Blockchain2 days ago

Qredo raises $11M in seed funding to launch new cross-chain asset management infrastructure

Blockchain1 day ago

Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021

Trending